Consumers Urged To Prepare For Changes To Online, Mobile Banking

Irish consumers are being urged to prepare for changes to online and mobile banking as the rollout of PSD2 (the second Payment Services Directive) approaches.

PSD2 is a new European law coming into full force on 14 September, which looks to increase banking security and cut down on fraud.

The new scheme could see the introduction of charges to online and mobile banking.

Security Changes

Gill Murphy, Head of Payment Schemes at Banking and Payments Federation of Ireland, said that while there is nothing to be worried about, consumers must follow any new instructions from their bank.

The Federation is embarking on a new campaign to raise awareness of the changes in Ireland.

“It is vital that consumers take the time to carefully read the information provided by their bank in relation to PSD2,” Murphy explained.

“This information will outline what changes customers can expect as well as any actions that they may need to take in order to ensure continued access to their online accounts without interruption.”

It is important to remember that these changes are being introduced across Europe to help counter fraud and provide better protection for consumers and their online accounts.”

In addition to increased security measures, known as ‘Strong Customer Authentication’, PSD2 will also introduce what is known as Open Banking.

This system will allow Third-Party Providers (TPPs) to securely provide consumers with some new services, such as paying directly from a bank account as an alternative to a debit or credit card when shopping online.

Open Banking will also allow for account information services such as providing consumers and businesses with a single view of their online banking accounts across different institutions, BPFI said.